Equities trading at the Nigerian Exchange Limited (NGX) continued its bearish walk into the month of June as the benchmark index shed 0.23 per cent, driven by continued sell-offs.
As a result, All Share Index (ASI) dipped further by 0.2 per cent to 64,192.20 basis points, causing the Year-to-Date return to moderate to +25.3 per cent.
Specifically, market’s weak performance on Tuesday was driven primarily by share selloffs of Fidelity Bank, Guinness Nigeria, Guaranty Trust Holding Company, Access Holdings and Zenith Bank, leading to 9.88 per cent, 8.26 per cent, 3.14 per cent, 2.35 per cent and 1.18 per cent, respective share value decline.
On Tuesday, equities investment further dipped by 0.23 per cent having shed N79.08 billion as the market capitalisation settled at N34.93 trillion.
As measured by market breadth, market sentiment was negative, as 37 tickers lost relative to 22 gainers. John Holt and Ellah Lakes recorded the most significant losses of the day having depreciated in share value by 10.0 per cent and 9.9 per cent, respectively, while Abbey and Dangotw Sugar topped the gainers’ list after their respective share prices appreciated by 10.0 per cent.
Sectorial performance was a mixed bag, with the NGX Insurance and NGX Consumer Goods indices rising by 0.95 per cent and 0.54 per cent,, respectively.
Conversely, NGX Industrial and NGX Oil/Gas remained flat, while NGX Banking emerged as the sole gainer with a 1.94 per cent increase.
Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 19.09 per cent. A total of 762.10 million shares valued at N7.71 billion were exchanged in 7,935 deals.
AIICO Insurance led the volume chart with 314.64 million units traded while MTN Nigeria led the value chart in deals worth N947.30 million.
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